Package

The House has introduced legislation that would open federal waters off the coast of Virginia to oil and natural gas development, and the Senate is expected to offer a companion bill in the coming weeks.

Rosetta Resources Inc. has agreed to pay Comstock Resources Inc. $768 million for a package of Permian Basin oil and liquids-rich assets, giving it entry into the West Texas basin.

Rosetta Resources Inc. has agreed to pay Comstock Resources Inc. $768 million for a package of Permian Basin oil and liquids-rich assets, giving it entry into the West Texas basin.

Templar Energy LLC, a newly formed exploration and production company, has completed its first acquisition in the Anadarko Basin, an asset package that includes about 7,000 net acres in Oklahoma’s Ellis and Roger Mills counties in Oklahoma, according the company’s financial backer, First Reserve Corp.

ConocoPhillips is selling a package of properties in the Cedar Creek Anticline (CCA) of North Dakota and Montana to Denbury Resources Inc. for $1.05 billion cash.

As a hedge against higher natural gas prices, a subsidiary of LSB Industries Inc., an Oklahoma-based chemical and equipment manufacturer, has bought an interest in a package of wells and potential drilling locations in Pennsylvania’s Marcellus Shale.

Intangible drilling costs (IDC) are “an ordinary and necessary business expense of the oil and gas industry,” and should only be modified as part of a broader tax reform package — and in combination with a lower, globally competitive corporate tax rate — according to Industrial Energy Consumers of America (IECA).

Intangible drilling costs (IDC) are “an ordinary and necessary business expense of the oil and gas industry,” and should only be modified as part of a broader tax reform package — and in combination with a lower, globally competitive corporate tax rate — according to Industrial Energy Consumers of America (IECA).

EPL Oil & Gas Inc. last week agreed to pay $550 million to a unit of Hilcorp Energy Co. for a package of shallow water Gulf of Mexico (GOM) shelf oil and natural gas interests. W&T Offshore Inc. also built it GOM portfolio last week, after agreeing to pay $228 million to acquire all of Newfield Exploration Co.’s remaining properties in the GOM, a 78-block inventory that covers more than 430,000 gross acres.